The Bureau of Labor Statistics released the latest job numbers on Friday, October 3rd, and it tells two stories.
The first is that more people are finding work. The unemployment rate dropped from 6.1% to 5.9% in September. The second is that more people are stopping their job search. What does it all mean for you?
I always say stop watching the news if you’re looking for work. The reason is that we are likely to hear reports and expect to see the world change tomorrow and that’s not always the case. It can also simply take the air out of your sails if you hear any negativity.
However it is helpful to know what’s going on at a glance and to let the good news sneak in when it’s out there.
This jobs report is in many ways just that: good news. Yes wage growth (the aggregate or average amount salaries went up for a particular group) is stagnant and many of the long-term unemployed are dropping out of the work force, but there are new jobs out there being filled, 248,000 of them last month alone.
Segments that added jobs were employment services (34,000 added), management and technical consulting (12,000 added), architectural and engineering services (6,000 added).
This tells us the new jobs being created are in need of re-trained workers.
Technology has a huge impact on the economy and the addition of computers everywhere means fewer people are needed to work in the old way, and the people who are needed now must know how to work with computers. Think of how robots are being used on assembly lines in manufacturing plants for one example.
Want a job? Learn a computer skill. Almost any will make you a more attractive candidate and here’s some free or inexpensive places to learn:
September brings new job numbers, and a reminder to go back to school. And remember, when it comes to jobs, you only need one.